Sino Land and K Wah International gained HK$ 3.3B from selling 384 units at join-project Corinthia By The Sea.
US Federal Reserve will keep interest rate low, so it pushed the sale of new home in Hong Kong.
Sino Land (0083.HK) and K Wah International (0173.HK)’s Corinthia By The Sea, a joint-venture project located at South Tseung Kwan O, recorded 19 times oversubscribed and 384 out of 388 units were sold which cashing in HK$3.3B on 18 June.
Since hot sale was recorded, 2 developers will put another round of 127 units on the market on 22 June. Selling price will be increased around 13.7% to the first sale. Developers will offer at least 14.5% discount to the buyers, post-discount prices will rang from HK$6.36M to HK$25.67M, averaging HK$15,681 per sellable square foot. The project was selling at higher price than nearby projects which are mainly the secondary residential flats.
In the latest sales, three-bedroom units were the most popular, taking up about a half of the buying power, Centaline Property said.
Investors made up 35 percent of the buyers, a relatively high share seen in recent new projects, said Midland Realty’s residential chief Sammy Po Siu-ming.
He expects a rental return of 4 percent, compared to a standard range of around 2-3 percent. The 388 units fetched more than 8,000 checks. Sun Hung Kai Properties (0016.HK) said 32 more units at Ultima will come on the market next week with prices averaging HK$35,300 pssf.
That followed the developer taking HK$1.4 billion from 26 flats at the Ho Man Tin project on Wednesday. Of the units offered on 17 June, the priciest one sold for HK$94 million, or HK$46,631 pssf. Also in Ho Man Tin, an affluent buyer grabbed six units at Eugene Terrace for a total of HK$145 million.